Tag Archives: CBDC

The infamous US whistleblower – Edward Snowden – criticized CBDC’s potential impact on the financial network. He labeled them as a “perversion of cryptocurrency” and a “cryptofascist currency,” as they could grant a lot of power to the governments and leave less freedom to the people. CBDC – ‘a Cryptofascist Currency’ The computer programmer who worked as a subcontractor for the National Security Agency (NSA) – Edward Snowden – opined strongly against the potential use cases...

Following a collaboration with the BIS Innovation Hub, the Hong Kong Monetary Authority (HKMA) released a technical Whitepaper on retail CBDC, called “e-HKD: A technical perspective.” The financial institution expects to come up with an initial view of the project by the middle of 2022. One Step Closer to a CBDC The HKMA doubled down on its efforts of launching a digital Hong Kong dollar (e-HKD). After exploring the project’s potential benefits with peer central banks, the...

Jerome Powell – the active chair of the Federal Reserve – says they have begun studying whether to launch their own digital currency and will soon be releasing a paper on the matter. Possible Digital Currency for the United States Powell confirmed that investigations were underway in an interview with CNBC this Wednesday. “We are working proactively to evaluate whether to issue a CBDC,” said the chairman, “and if so– in what form.” Jerome Powell. Source: TimeHe follows with...

The Royal Monetary Authority (RMA) – Bhutan’s central bank – has joined forces with Ripple to launch a digital version of its national currency. The institution anticipates the initiative to boost the country’s financial inclusion by 85% in the next two years. Ripple and Bhutan Shook Hands The enterprise blockchain provider Ripple announced it would enable Bhutan’s central bank to employ its network to pilot a central bank digital currency: “Today, we are proud to announce...

The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe since many are exploring them as a financial instrument. While governments...

According to recent research, every third British citizen fears that a potential digital pound could bring more harm than benefits to the UK economic system. In contrast, 24% believe the so-called Britcoin would turn to be a successful financial instrument. Britcoin Brings More Suspicion Than Excitement The US journalism company Politico surveyed 2,500 British adults to determine their opinion on issuing a digital version of the local pound currency. The majority of the...

Shaktikanta Das – the governor of the Reserve Bank of India – said the financial institution could launch its first trial programs for a digital rupee by December this year. The initiative would determine the security of the Indian CBDC and its impact on the local economic network. India’s Approach to a CBDC In a recent interview for CNBC, Shaktikanta Das revealed the Reserve Bank of India’s plans to begin trials for a central bank digital currency before the end of this...

Digitale Währungen der Zentralbanken: Hier kommt die Weltkarte. (Link zur interaktiven Karte weiter unten im Blogartikel) Die grossen Notenbanken der Welt haben eigene Pläne für digitale Währungen, denn der Bitcoin ist vielen Regierungen ein Dorn im Auge. So hat China bereits einige Rechenzentren im Land abschalten lassen. Viele Länder sorgen sich um die Stabilität und Sicherheit der Finanzmärkte, wenn alles am Staat vorbeiläuft. Zunehmend...

Gabriel Makhlouf – the Central Bank of Ireland Governor – believes cryptocurrencies could negatively impact the European financial stability. He also stated that the Eurozone is very close to launching its own CBDC, indicating that “it’s not a question of if but rather how and when.” Are Digital Assets a Threat to The EU? In a recent blog post, CBI’s Governor Gabriel Makhlouf spoke rather contradictory about virtual currencies and their function. The top banker warned that...

As cryptocurrency adoption enters a mainstream stage, traditional financial services platforms are trying to adapt to the changing financial ecosystem. To maintain their importance in this industry, payment processors like Mastercard and Visa intend to use their large client base and international reach to attract both government and private entities when they are testing their CBDC or stablecoin projects. During an earnings call yesterday, Mastercard’s CEO, Michael Miebach,...